Latin America Extruded Snacks Market was worth USD 4.26 billion in 2022 and estimated to be growing at a CAGR of 3.9%, to reach USD 5.16 billion by 2028. The market is showcasing evident potential in the mentioned forecasting period.
Extruded snack foods are made by the extrusion of various ingredients such as corn, tapioca, oats, potatoes, wheat, etc. Some of the most prevalent extruded snack foods include breakfast cereals, onion rings, pasta, jelly beans, macaroni, processed cheese, breads, etc. The extrusion process gives the freedom of choosing the ingredients and how one wants to process them. Manufacturers use this in order to produce healthier snacks with varied ingredients. This process also eliminates some of the naturally occurring toxins and reduces the micro-organisms present in the final product, thereby making them safer for consumption.
The food industry is a huge industry with various segments and sub-segment markets. Being based directly off agriculture, the foods industry caters to various demographics. For instance, military foods do not cater to the demands of the commercial consumer, and the common consumer does not need specialized foods that are meant for the specific unique demographics, such as the elderly or the physically disabled. With a vast scope of opportunities from fast food to food safety, the food industry will continue to grow with such a momentum for the foreseeable future.
Despite reaching maturity levels in the developed markets, the demand for extruded snack foods is expected to increase in the emerging markets over the forecast period driven by a number of growth inducing factors. As a result of the rising urbanisation, a vast majority of population lives a fast-paced lifestyle. The long working hours make it difficult for individuals to have proper meals. As a result, they resort to ready-to-eat food including many extruded snacks. A rise in the youth and increasing disposable incomes also drive the growth of this market. Since these food products are easy to make and easily accessible, they are the go to products mostly consumed by people. Another factor which affects their widespread use is their cheap cost. One major factor which could be restraining the growth of the market is people’s rising consciousness towards their health and lifestyle. These food products are loaded with carbohydrates and fats. Most of them use white refined flour which contains a lot of fat. Majority of them are fried in oil again making them unfit for consumption.
The market for Extruded Snacks is categorized into type, distribution channel and region. By type, it is further categorized into potato, corn, rice, tapioca, mixed grains and others. The potato segment holds the largest market share accounting for about 34%of the total market share. Increasing per capita consumption is a major driver for the growth of the extruded potato snacks segment. Moreover, the local flavours of various regions have encouraged the manufacturers to introduce such region specific flavoured snacks. This in turn will boost the market growth to a great extent. By distribution channel, it is categorized into hypermarkets& supermarkets, independent retailers and convenience stores. Hypermarkets& supermarkets form a major chunk of the market accounting to 53% of the total revenue. These stores provide a great choice to customers as they are equipped with multiple options and varieties form different brands. Consumers prefer hypermarkets and supermarkets for their shopping due to the in-store promotions by retailers and price comparisons.
Geographically the Latin America Extruded Snacks Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The Latin America market is projected to have the second-highest CAGR after the Asia-Pacific region. Brazil is the leading market.
Key Players in the Market:
Major Key Players in the Latin America Extruded Snacks Market are
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